• An Authentic Brands Group (ABG), but with its core business centered around managing and licensing the iconic Playboy brand for consumer products and digital ventures.
• Like an OnlyFans or Patreon, but operating under the iconic Playboy brand with a more curated and premium approach to adult lifestyle and creator content.

• Brand Licensing: Licensing the iconic Playboy brand and Rabbit Head logo for use on various consumer products globally, including apparel, accessories, beauty products, and home goods. (Service: Brand Management & Licensing)
• Direct-to-Consumer (DTC) E-commerce: Operating online retail platforms, such as Honey Birdette and Yandy, selling lingerie, intimates, costumes, and other lifestyle products directly to consumers.
• Digital Content & Media: Producing and distributing digital content, including articles, videos, and photography, often through subscription-based models, and managing the Playboy.com platform. (Service: Digital Media & Entertainment)
• Web3 & NFTs: Developing and selling non-fungible tokens (NFTs) and other blockchain-based digital assets and experiences under the Playboy brand.

Playboy (symbol: PLBY) primarily sells to individuals. Based on its financial reporting, its Direct-to-Consumer (DTC) segment accounts for the majority of its revenue, indicating its main customer base is individual consumers rather than other businesses.

The company serves the following categories of individual customers:

• Consumers of Sexual Wellness & Lingerie Products: This category primarily includes customers of Playboy's Honey Birdette brand, who purchase luxury lingerie, swimwear, and sexual wellness products directly through Honey Birdette's retail stores and e-commerce platforms. These customers are typically seeking premium, fashion-forward, and empowering intimate apparel and pleasure items.
• Subscribers and Users of Digital Content & Platforms: This category encompasses individuals who subscribe to or engage with Playboy's digital content offerings, such as Playboy.com and the Centerfold creator platform. These customers are interested in exclusive entertainment, cultural commentary, and creator-generated content related to lifestyle, art, and sexuality.
• Purchasers of Lifestyle & Apparel Merchandise: This category consists of individuals who buy Playboy-branded apparel, accessories, beauty products, and other lifestyle merchandise. These customers are often drawn to the brand's iconic imagery, cultural legacy, and aesthetic, seeking to express a particular lifestyle or identity through their purchases.

Ben Kohn, Chief Executive Officer, President & Director

Ben Kohn joined Playboy as Chief Executive Officer in January 2018, having previously served as interim CEO from May 2016 to December 2017. He has been a member of Playboy's Board of Directors since March 2011. From 2004 to December 2018, Kohn was a Managing Partner at the private equity firm Rizvi Traverse, where he oversaw the successful buyouts of significant media and entertainment companies, including taking Playboy private in 2011. This demonstrates a pattern of managing companies backed by private equity firms. Before his tenure at Rizvi Traverse, Kohn worked as a Vice President at Angelo, Gordon & Co. from 1998 to 2003, where his focus was on private equity and special situations. He began his career in the Mergers and Acquisitions group at Cowen & Company from 1996 to 1998. Kohn also serves on the Board of Directors for the performance rights organization SESAC.

Marc Crossman, Chief Operating Officer & Chief Financial Officer

Marc Crossman was appointed Chief Operating Officer and Chief Financial Officer of PLBY Group in March 2023. Prior to this, he was a Partner at Rizvi Traverse Management from May 2021 to March 2023, where he focused on investment sourcing and evaluation for technology venture capital investments. Crossman has a history of managing other companies, serving as the Chief Executive Officer at RealD Me (now known as Rain Technology) from February 2019 to April 2021. He also held leadership roles at Joe's Jeans Inc., where he was Chief Financial Officer from 2003 to 2006 and then Chief Executive Officer from 2006 to 2015, during which he developed the company into a prominent premium denim brand. Crossman began his career in investment banking as a Vice President and Equity Analyst with J.P. Morgan Securities Inc. from 1999 to 2003.

Chris Riley, General Counsel & Secretary

Chris Riley is responsible for managing all of PLBY Group's global legal, compliance, and government affairs, which includes corporate governance, securities, transactions, intellectual property, litigation, and HR matters. His previous roles include General Counsel of Machinima, Inc., General Counsel and Senior Vice President of Ticketmaster, and General Counsel and Vice President of Match.com. He started his legal career at Sidley Austin and later joined the corporate group at Gibson Dunn.

Rachel Webber, Chief Brand Officer & President-Corporate Strategy

Rachel Webber is responsible for overseeing the global consumer experience for the Playboy brand and is tasked with driving PLBY Group's growth strategies through acquisition, incubation, and investment.

The clear emerging threat for The Playboy Group (PLBY) is the rapid growth and increasing dominance of the creator economy. Platforms such as OnlyFans, Patreon, and TikTok empower individual creators to directly produce, distribute, and monetize adult and lifestyle content, often building strong direct relationships with their audiences. This model fundamentally challenges Playboy's traditional role as a content publisher and aggregator by disintermediating established brands and offering creators more direct avenues for success, thereby siphoning off audience attention, potential creator talent, and revenue streams that might otherwise flow through traditional media entities.

Playboy (PLBY) operates in several key markets. The addressable market sizes for their main products and services are as follows:

• Sexual Wellness: The global sexual wellness products market is valued at approximately USD 27.22 billion in 2025 and is projected to increase to approximately USD 52.71 billion by 2034, growing at a CAGR of 7.62% from 2025 to 2034. In 2024, the global market size was valued at USD 25.01 billion, with projections to reach USD 44.91 billion by 2032. The U.S. sexual wellness market alone was valued at USD 11.0 billion in 2022 and is expected to grow to USD 20.1 billion by 2030.
• Style & Apparel: The global apparel market is valued at $1.84 trillion in 2025. Projections indicate it will reach $2.26 trillion by 2030. Another estimate places the global apparel market size at USD 1,749.67 billion in 2024, with a projected increase to USD 2,307.04 billion by 2032. The United States represents the largest individual apparel market, valued at $365.70 billion in 2025.
• Beauty & Grooming: The global beauty market retail sales reached $446 billion in 2023 and are expected to grow to $590 billion by 2028. Other estimates indicate the global cosmetics market size was USD 295.95 billion in 2023, with a projection to reach USD 445.98 billion by 2030. The global beauty industry is also estimated to be worth $599.33 billion and is projected to reach $688.89 billion by 2028.
• Digital Subscriptions and Content (Creator Economy): The global creator economy is currently valued at $191.55 billion. This market is projected to reach $528.39 billion by 2030, or roughly double to $480 billion by 2027 from $250 billion today. Another report states the global creator economy market size was estimated at USD 205.25 billion in 2024 and is projected to reach USD 1,345.54 billion by 2033. North America holds approximately 40% of the creator economy market share.

Playboy (symbol: PLBY) is focusing on several key initiatives to drive future revenue growth over the next 2-3 years, as outlined in recent earnings reports and strategic commentary.

1. Expansion of Licensing Partnerships: Playboy's licensing business is a significant driver, with a reported 105% year-over-year increase in licensing revenue in Q2 2025. This growth is fueled by new agreements in strategic categories such as gaming, beauty and grooming, energy drinks, and fashion. The company is also shifting towards securing fewer but larger licensing deals to enhance future growth.

2. Strategic Partnership with Byborg Enterprises: A cornerstone of Playboy's digital strategy, the partnership with Byborg Enterprises guarantees $300 million in minimum royalties over 15 years for its digital business, translating to anticipated annual payments of $20 million. This collaboration involves operating and licensing certain digital properties and developing new digital business lines, transforming a previously loss-making digital segment into a high-margin licensing business.

3. Growth in Digital Subscriptions and Content: The digital subscriptions and content segment has shown growth, with a 5% increase in Q3 2024. This growth is partly attributed to an increase in creator platform revenue. The Byborg partnership is also expected to further expand Playboy's digital presence and introduce new revenue streams in the digital realm.

4. Development of Hospitality and Experiences: Playboy is actively exploring and planning new growth opportunities in the hospitality sector. This includes the development of a Playboy hospitality venue in Miami Beach, with potential expansion to other major markets globally. Management views "Experiences" as a significant future revenue driver.

5. Relaunch of Playboy Magazine and Brand-Driven Content Initiatives: While not intended as a core revenue engine, the relaunch of Playboy magazine in 2025 and associated initiatives like "The Great Playmate Search" (a global paid voting contest) are aimed at enhancing brand relevance and audience reach. These efforts are expected to generate revenue through increased engagement and direct participation.

Share Issuance

• In February 2021, PLBY Group completed a business combination (SPAC merger) which resulted in approximately 33.6 million shares of common stock outstanding and included a private placement of up to 5 million shares of common stock.
• In 2021, Playboy executed a stock offering that raised over $200 million.
• In August 2025, the company converted all remaining Series B Convertible Preferred Stock into 12,439,730 shares of common stock at a conversion price of $1.74448 per share, eliminating all preferred stock and bringing total outstanding common shares to 107,548,055.

Outbound Investments

• In March 2021, Playboy acquired TLA Acquisition Corp., the parent company of Lovers, for approximately $25.1 million in cash.
• The company made three acquisitions in 2021 as part of its transformation from a legacy media company to a direct-to-consumer and digital business model.

Capital Expenditures

• In the most recent 12-month period, capital expenditures were approximately -$1.45 million, reflecting a low or negative capital expenditure profile.
• Playboy has transitioned to a "capital-light" model, which implies minimal capital expenditures going forward.